Chinese water environmental services company Bio-Treat Technology listed on the Singapore Exchange in February 2004. Things started to go wrong in October 2006 when the company announced that its co-founder Wing Hak Man had resigned, a claim he later disputed leading to various court cases. In January 2008, Bio-Treat announced that it had entered into a HK$360m (US$46m) loan agreement with a shareholder, Precious Wise (possibly a proxy for Wing Hak Man). However, in April, the company defaulted on its S$206m (US$135m) convertible bond and other loans. The assets of the group had been pledged to Precious Wise which then took control of them by October 2008. We think that Precious Wise was connected to the ousted formed co-founder. The shell-company was subsequently taken over by the China Everbright Group and changed its name to China Everbright Water Investments. 

Last updated December 2021

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